
<table style="text-align:center"><tr><td colspan="2" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"></td><td><em>Dependent variable:</em></td></tr>
<tr><td></td><td colspan="1" style="border-bottom: 1px solid black"></td></tr>
<tr><td style="text-align:left"></td><td></td></tr>
<tr><td colspan="2" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">Alignment</td><td>-0.541<sup>***</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.090)</td></tr>
<tr><td style="text-align:left"></td><td></td></tr>
<tr><td style="text-align:left">Alignment*Second year</td><td>-0.031<sup>**</sup></td></tr>
<tr><td style="text-align:left"></td><td>(0.014)</td></tr>
<tr><td style="text-align:left"></td><td></td></tr>
<tr><td style="text-align:left">Alignment*Third year</td><td>-0.016</td></tr>
<tr><td style="text-align:left"></td><td>(0.018)</td></tr>
<tr><td style="text-align:left"></td><td></td></tr>
<tr><td style="text-align:left">Alignment*Fourth year</td><td>-0.048</td></tr>
<tr><td style="text-align:left"></td><td>(0.097)</td></tr>
<tr><td style="text-align:left"></td><td></td></tr>
<tr><td colspan="2" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left">MSE bandwidth</td><td>0.096</td></tr>
<tr><td style="text-align:left">N</td><td>695</td></tr>
<tr><td colspan="2" style="border-bottom: 1px solid black"></td></tr><tr><td style="text-align:left"><em>Note:</em></td><td style="text-align:right"><sup>*</sup>p<0.1; <sup>**</sup>p<0.05; <sup>***</sup>p<0.01</td></tr>
</table>
